Employee Benefit Plan

9 Months Ended

Sep. 30, 2020

Employee Benefit Plans

The following table sets forth the amount of the net periodic benefit cost recognized by the Company for the Company’s pension plan, post-retirement plan (Life and Health), and supplemental employee retirement plans (“SERP”) including the following components: service cost, interest cost, expected return on plan assets for the period, amortization of the unrecognized transitional obligation or transition asset, and the amounts of recognized gains and losses, prior service cost recognized, and gain or loss recognized due to settlement or curtailment.

Components of Net Periodic Benefit Cost


	Pension Benefits Three Months Ended				Life and Health Three Months Ended				SERP Benefits Three Months Ended
(In thousands)	9/30/2020		9/30/2019		9/30/2020		9/30/19		9/30/2020		9/30/2019
Service cost	$	0	$	0	$	43	$	40	$	54	$	38
Interest cost	593		734		61		72		228		228
Expected return on plan assets	(1,354)		(1,233)		0		0		0		0
Amortization of net retirement plan actuarial loss	353		333		39		0		200		78
Amortization of net retirement plan prior service (credit) cost	(2)		(3)		(15)		(15)		71		22
Net periodic benefit (income) cost	$	(410)	$	(169)	$	128	$	97	$	553	$	366


	Pension Benefits Nine Months Ended				Life and Health Nine Months Ended				SERP Benefits Nine Months Ended
(In thousands)	9/30/2020		9/30/2019		9/30/2020		9/30/2019		9/30/2020		9/30/2019
Service cost	$	0	$	0	$	129	$	120	$	161	$	115
Interest cost	1,778		2,202		183		217		685		684
Expected return on plan assets	(4,062)		(3,699)		0		0		0		0
Amortization of net retirement plan actuarial loss	1,058		1,000		116		0		600		232
Amortization of net retirement plan prior service cost (credit)	(7)		(8)		(45)		(46)		214		65

Net periodic benefit (income) cost	$	(1,233)	$	(505)	$	383	$	291	$	1,660	$	1,096

The service component of net periodic benefit cost for the Company's benefit plans is recorded as a part of salaries and wages in the consolidated statements of income. All other components are recorded as part of other operating expenses in the consolidated statements of income.

The Company realized approximately $1,461,000 and $938,000, net of tax, as amortization of amounts previously recognized in accumulated other comprehensive (loss) income, for the nine months ended September 30, 2020 and 2019, respectively.

The Company is not required to contribute to the pension plan in 2020, but it may make voluntary contributions. The Company did not contribute to the pension plan in the first nine months of 2020 and 2019.